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Medusa Mining shares (LSE:MML) are bound to continue falling further as the reality on the chart indicates. At the time of writing this forecast, the price was trading at 92.5, and it may fall further towards the support levels of 91.000 and 90.00 respectively.
Historically, any upward surge in the price has invariably been a wonderful opportunity to short the shares. On the chart, the EMAs 10, 20, 50 and 200 are used (the color that stands for each EMA is indicated at the top left side of the chart). All the EMAs signify the weakness of the shares. This would continue to be true as long as the price stays below the EMAs 50 and 200. The EMAs 20 and 50 are serving as hurdles to the bulls’ interests. You can see that any rally into the either the EMA 20 or EMA 50 gave satisfactory selling opportunities. This scenario would continue.
This article is ended with the quote below:
“I’ve met far too many “breakeven” traders who, upon inspection, have been losing money consistently. It’s not that they’re lying; they simply don’t want to know the truth. Thus, they avoid it.” – Dr. Brett N. Steenbarger (Source: Trade2win.com)
Ground-breaking lessons from expert traders: http://www.harriman-house.com/experttraders
